IMPRESSIVE START INTO THE YEAR - BERLIN REMAINS TOP
The Berlin office market stays on track. Despite all the uncertainties caused by the ongoing Corona pandemic, Berlin's market participants remain very active. With a take-up of 181,000 m², the capital reported a quite impressive start to the year. The result from the first quarter of 2020 (176,000 m²) was surpassed and the ten-year average was exceeded by almost 7%. Given that the first quarter of 2020 had been almost "normal" until March, this is even more noteworthy. The fact that the latest volume does not match the very strong first quarters of 2016-2019 is hardly surprising in such times of crisis. Actually, current market events underline that Berlin has most likely left the lower letting level that prevailed until 2014 for good. At the end of the first quarter, the German capital is far ahead of the markets in Hamburg, Munich and Frankfurt in a nationwide comparison.
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